F1 Mogul Ecclestone Pleads Guilty to Criminal Tax Fraud
- Ecclestone failed to declare assets held in Singapore bank
- Ecclestone reaches £652 million settlement with UK authorities
Formula One mogul Bernie Ecclestone pleaded guilty to a criminal tax fraud charge and was handed a suspended prison sentence for failing to tell British authorities about assets held in a Singapore bank of around £400 million ($492 million).
In a dramatic reversal, just weeks before the 92-year-old was due to stand trial, Ecclestone agreed to a £652 million tax settlement that covers an 18 year period. He faced the single charge for failing to declare the overseas account following an investigation into his finances by His Majesty’s Revenue and Customs.